Reverse Mortgage

Is It Right For You?

A Reverse Mortgage liquidates the equity you have in your home by paying you cash and eliminating your existing monthly mortgage payments. By refinancing your home with a Reverse Mortgage, you can ensure that you will live in your home free of mortgage payments as long as you continue to pay your homeowner’s insurance and property taxes.

Reverse Mortgages have existed since the 1980s and are insured by the Federal Housing Administration. Designed to alleviate the financial burden of a retired lifestyle, Reverse Mortgages have helped preserve a quality of life for many people. To see if a Reverse Mortgage is right for you, contact one of our Loan Officers today.

Reverse Purchase

A Reverse Purchase allows retirees and eligible borrowers over the age of 62 to partially finance the purchase of a new home. A Reverse Purchase works just like a Reverse Refinance by liquidating the equity that a potential borrower would establish with the purchase of a new home through the down payment.

For Example:

Bob and Sue are buying a $300,000 home but only have $200,000 to put down at closing. They are able to finance the remaining $100,000 by doing a Reverse Purchase that will liquidate the $200,000 equity they use to buy the home.

Using Your Funds

There are no restrictions on how you can use the proceeds that will come from your reverse mortgage. Here are some examples:

Pay off your current mortgage obligations

Pay for a home improvement or repair project

Provide supplemental retirement income

Pay for healthcare or medical expenses

Help with taxes and insurance

Reduce your other debt obligations

Purchase a second home

Invest for your long term needs

Misconceptions

Truth: As long as you continue to make your property tax and insurance payments, your home belongs to you. Even if the equity is used up during the lifetime of the Reverse Mortgage, your home is yours.

Truth: Closing costs can be rolled into the loan on Reverse Mortgage refinances, resulting in nothing “out of pocket” for you. Closing costs are also very regulated, resulting in comparable fees to “forward” mortgage transactions - so for Reverse Purchases it would cost you roughly the same amount.

Start your Network Funding Loan Application

This application should take you approximately 15 minutes to complete, and your progress will be saved as you complete each step. Please note that your session will timeout after 15 minutes of inactivity.

Please Have The Following Information

Current and Previous Addresses (2 years)

Current and Previous Employment Information

Income Information For All Borrowers

Bank Account (and Other Asset) Balanced and Information

Current Monthly Housing Expenses (Mortgage Payments or Rent)

If You Already Own Other Property:

Address(es) for Each Property

Approximate Market Value(s)

Rental Income

Mortgage, Property Tax and Insurance Information

If Working With A Real Estate Agent: Their Name, Company and Contact Information